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Mar 22, 2018 12:13 PM IST | Source: Moneycontrol.com
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highlights
Sun Pharma’s specialty psoriasis drug Ilumya gets USFDA nod
Exclusive: M&M to overhaul its engine line-up as BS-VI norms inch closer
SC directs RCom to maintain status quo with regards to Rs 25K cr asset sale
ICICI Securities raise Rs 1,717cr from anchor investors
Things could turn bad for India's eco in 2018, says Credit Suisse
Numetal, ArcelorMittal bids for Essar Steel rejected
US Congress unveils $1.3 trillion spending bill as shutdown looms
Zuckerberg says Facebook made mistakes on user data, vows curbs
Trump to unveil China trade sanctions on Friday
China raises short-term interest rates, following Fed's move
US Fed raises interest rates by 25bps, forecasts two more hikes for 2018
Govt drops plan to raise wheat import duty indicating output deficit
Sun Pharma's specialty psoriasis drug Ilumya gets USFDA nod
Sun Pharmaceutical Industries has received approval from the US drug regulator for its much awaited psoriasis drug Ilumya, reports Moneycontrol News' Viswanath Pilla. The Ilumya approval is a major breakthrough for the company as it fights to reverse declining US sales and stay a step ahead of generic rivals. Though the company has not disclosed details such as timing of the launch or its peak sales potential, analysts expect Sun Pharma to launch the drug in next three months with a peak sale potential of $300 million.
Exclusive: M&M to overhaul its engine line-up as BS-VI norms inch closer
Mahindra & Mahindra has called for a full engine overhaul ahead of the implementation of BS-VI norms in 2020. The Mumbai-based company is readying 5-6 new petrol and diesel engines, reports Moneycontrol News’ Swaraj Baggonkar. This is critical as M&M hopes to recover lost market share in the UV segment.
SC directs RCom to maintain status quo with regards to Rs 25K cr asset sale
The Supreme Court has directed Reliance Communications (RCom) to maintain status quo with respect to its Rs 25,000 crore assets sale, reports CNBC-TV18. The court will hear on April 5 a plea by State Bank of India (SBI) and RCom with regards to lifting its stay on the assets sale. Earlier too, the Bombay High Court had upheld a National Company Law Tribunal (NCLT) order staying RCom’s asset sale.
Tesla shareholders approve CEO Musk's $2.6bn compensation plan
Shareholders of electric car company Tesla approved a compensation package potentially worth $2.6 billion for Chief Executive Officer Elon Musk, though by a lower margin than what US CEOs typically receive on pay votes, reports Reuters. The compensation award includes no salary or cash bonus for the Silicon Valley billionaire, but sets rewards based on Tesla’s market value rising to as much as $650 billion over the next 10 years.
Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra
Exclusive: Triumph to rethink India plan on import duty hike
British premium motorcycle brand Triumph said it is forced to rethink its India plans after pleas to the Finance Ministry to reconsider the customs duty hike failed to draw a positive response, reports Moneycontrol News’ Swaraj Baggonkar. Triumph’s Country Managing Director Vimal Sumbly said it is unfair that those manufacturers who import from Thailand - and these players do not have any manufacturing operations in India - are benefitting the most since they are taxed at 10%, which is the lowest level.
Here are the top headlines at 10 am from Moneycontrol News' Sakshi Batra
ICICI Securities raise Rs 1,717cr from anchor investors
Ahead of its initial public offer today, ICICI Securities raised Rs 1,717 crore from as many as 58 anchor investors. The brokerage firm, part of ICICI group, has decided to allot shares at a price of Rs 520 apiece ‑ the upper end of the price band ‑ to anchor investors, including Temasek, Nomura, Fidelity, Blackrock and Fairfax. According to a regulatory filing, the company has finalised allocation of little over 3.3 crore shares to 58 anchor investors.
Air India group divestment to kick off with EoI of parent airline plus low-cost arm
The divestment of Air India group, the largest strategic sale of an Indian public sector company, will happen in phases as the government gets ready to kick off the exercise with that of the parent airline along with Air India Charters, one of its five arms, reports Moneycontrol News’ Dhirendra Tripathi.
Divestment process of the parent and its subsidiaries will all have a separate expression of interest (EoI) each and will not be bunched, an official said. Air India Charters operates low-cost flights between Kerala and West Asia under the brand name Air India Express. It won’t be merged with its parent company, but the two will be sold as one unit to a single buyer, the official stated.
Things could turn bad for India's eco in 2018, says Credit Suisse
India has emerged as one of the Asian economies most vulnerable in an environment of rising interest rates in the US, according to Credit Suisse. Higher interest rates stateside could trigger capital outflows from emerging economies as investors search for better yields in the US, reports CNBC. "In the last 12, 15 months, India has seen a lot of inflows into the bond, as well as the equity market. That means that the potential reversal if there's a shock is also quite high," Santitarn Sathirathai, the bank's head of emerging Asia economics, said.
Numetal, ArcelorMittal bids for Essar Steel rejected
Bids by Numetal and ArcelorMittal for Essar Steel have been rejected by the lenders after failing to clear the eligibility test. The decision was taken at a meeting on Wednesday between the resolution professional and Essar Steel's Committee of Creditors, which consists of the lenders. "Both have been declared ineligible for the bid and a fresh round of bidding has been called. The second round of bids will have to be submitted mostly by April 2," sources said.
Centre okays launch of National Health Protection scheme
The Centre on Wednesday gave its nod for the launch of Ayushman Bharat or the National Health Protection Mission, which will provide a coverage of Rs 5 lakh per family per year and benefit more than 10 crore families belonging to the poor and vulnerable sections of the society, reports PTI.
CBI registers FIR in Rs 824cr loan fraud by Kanishk Gold
The Central Bureau of Investigation has registered a case of alleged loan fraud of Rs 824.15 crore committed by Chennai-based Kanishk Gold on a consortium of 14 banks led by State Bank of India, reports PTI. The agency has booked the company, its promoter Director Bhoopesh Kumar Jain, Director Neeta Jain, Tejraj Achha, Ajay Kumar Jain and Sumit Kedia besides unidentified public servants.
US Congress unveils $1.3 trillion spending bill as shutdown looms
Republican and Democratic leaders in the US Congress late on Wednesday unveiled a $1.3 trillion bill to fund the government through September, which includes an additional $80 billion in national defence spending but fails to fund some of President Donald Trump’s immigration initiatives, reports Reuters. If passed by the House of Representatives and Senate by a Friday midnight deadline, it would avert the shutdown of many federal agencies and programs beginning this weekend, when existing funds expire.
Zuckerberg says Facebook made mistakes on user data, vows curbs
Facebook Chief Executive Mark Zuckerberg said his company made mistakes in how it handled data belonging to 50 million of its users and promised tougher steps to restrict developers’ access to such information. In his first public comments since the scandal erupted at the weekend, he said in a post on Facebook that the company "made mistakes, there's more to do, and we need to step up and do it." He did not elaborate on what the mistakes were, but he said the social network plans to conduct an investigation of apps on its platform, restrict developer access to data, and give members a tool that lets them more easily disable access to their Facebook data.
Trump to unveil China trade sanctions on Friday
President Donald Trump is likely to unveil sanctions against China on Friday, the White House indicated, as the officials from the US Trade Representatives said the US has strong evidence of Beijing violating its commitments on intellectual property and technology transfers. (PTI)
Sebi mulls overhaul of algo trading rules
Capital markets regulator Sebi is looking at a number of measures to strengthen algo trading framework, by mandating exchanges to offer shared co-location facilities and providing some services for free, reports PTI. The proposed move is expected to be discussed later this month by Sebi's board, along with a number of important matters including amendments to rules on angel funds, mutual funds, buyback of shares, takeovers, registrars and bankers to issues, suspension and revocation of trading and distribution of cash benefits by listed companies.
China raises short-term interest rates, following Fed's move
China’s central bank raised short-term market interest rates for the first time this year, hours after the Federal Reserve Bank lifted US benchmark rates, reports Reuters. The People’s Bank of China increased rates on reverse repurchase agreements, or reverse repos, used for open market operations by 5 bps. The seven-day reverse repo rate was raised to 2.55% from 2.5%. It however left unchanged its benchmark one-year lending and deposit rates.
US Fed raises interest rates by 25bps, forecasts two more hikes for 2018
The US Federal Reserve raised interest rates by 25 bps to 1.5-1.75% and forecast at least two more hikes for 2018. In its first policy meeting under new Fed chief Jerome Powell, the US central bank indicated that inflation should finally move higher after years below its 2% target and that the economy had recently gained momentum, reports Reuters.
Govt drops plan to raise wheat import duty indicating output deficit
The Centre has dropped a plan to double a wheat import tax to 40%, sources told Reuters, in a sign it expects imports to make up for a shortfall in domestic production for the third year in a row.